The first round of October Social Security payments for retirees aged 70 and above, now capped at $5,108, will be issued in five days.
Retirees born between the 1st and 10th of a month will receive this payment on Oct. 8.
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The second round of payments will follow on Oct. 15 for retirees born between the 11th and 20th of a month, and the third round will follow on Oct. 22 for those born on or after the 21st.
An executive order that transitions federal government payments from paper checks to electronic payments went into effect on Sept. 30. Social Security recipients are among those affected by this change, though less than 1% receive their benefits through paper checks.
When am I eligible?
Citizens are eligible for Social Security payments beginning at 62 years old.
How can I maximize my check?
Social Security payment amounts are determined by several factors, including age at retirement, the amount paid into Social Security, and the number of years paid into Social Security.
Payments largely depend on a recipient’s retirement age. A retiree retiring at the youngest age, 62, could receive up to $2,831 per month, while a 70-year-old retiree could receive up to $5,108 per month, according to the Social Security Administration.
Beneficiaries can see a personalized estimate of how much they could expect each month through the SSA’s calculator.
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How is it financed?
Social Security is financed by a payroll tax paid by employers and employees.
Social Security payment amounts are set to shrink unless Congress takes action to prevent it. Analysts estimate the SSA will no longer be able to issue full payments as early as 2034, due to a rising number of retirees and a shrinking number of workers.